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U+I crystallises Hammersmith Grove profits

U+I, the specialist regeneration developer and investor, said this morning it has realised profits at the upper end of guidance (£9-11m) on 12 Hammersmith Grove, following its sale by Aberdeen Standard Investments on 10 January 2018. This brings total gains full year to date to in excess of £40m.

This follows an announcement on 22 December 2017 that 94% of office space at 12 Hammersmith Grove had been let in partnership with Aberdeen Standard Investments. The building is now 100% let.

At U+I’s joint venture residential scheme in the Royal Borough of Kensington and Chelsea, planning consent was not obtained at a recent Planning Committee U+I said "notwithstanding an officer’s recommendation for approval and the strong support of the GLA through a Stage 1 sign off".

The joint venture is reviewing its options post this decision as it seeks to realise value from the scheme. This delay has no impact on the full year guidance and U+I continues towards its target of delivering £65-70m of trading and development gains for the year ending 28 February 2018.

Matthew Weiner, Chief Executive of U and I Group, said: “The realisation of profits at 12 Hammersmith Grove is another key milestone for U+I and we remain on target to deliver £65-70m of trading and development gains in FY18. We are proud to have been a part of the project with our funding partner Aberdeen Standard Investments. We have created a great place to work in the heart of Hammersmith and in the process enabled Transport for London to unlock returns that can be reinvested in the transport network.”